economics – Page 42 – Author Carlo Carrasco

GCash will start collecting P5 cash-in fee from those who use BPI and Union Bank in the 4th quarter

September 4, 2023September 1, 2023carlocarrasco

GCash, a very popular electronic wallet (e-wallet) here in the Philippines, will soon be charging a fee of P5 each time a user cashes in (loading money into his or her GCash account) via the Bank of the Philippine Islands (BPI) or Union Bank of the Philippines, according to a business news story by the Philippine Star. For the newcomers reading this, GCash users can put money into their respective accounts in other ways such as doing it over-the-counter at recognized convenience stores, the cash-in kiosks and other types of businesses that accept GCash cash-in.

To put things in perspective, posted below is an excerpt from the Philippine Star business news report. Some parts in boldface…

E-wallet giant GCash will start charging a convenience fee of P5 for every time a user cashes in from its major partners Bank of the Philippine Islands (BPI) and Union Bank of the Philippines in the fourth quarter.

In an interview with reporters, GCash president and CEO Martha Sazon said the convenience fee remains to be one of the lowest compared to the transaction charges imposed by traditional banks that run as high as P25.

“As GCash continues to scale, we still subsidize most of the charges as well as heavily invest on upgrading our infrastructure and reinforcing security services,” Sazon said.

Sazon said GCash has to slap a convenience fee for cashing in to cover its rising costs. However, Sazon said the fee only reduces the subsidies that GCash pays to keep its financial services affordable.

“This also ensures that our operations will remain seamless for all customers. Even with this fee, we will continue to subsidize part of the operating cost for our cash-ins as we remain committed to keeping our services affordable to many Filipinos,” Sazon said.

Sazon is encouraging GCash customers to compute how much they have to spend for every time they load their accounts through BPI and Union Bank.

For instance, Sazon said a user can cash in P10,000 in one go rather than top up P500 in tranches to minimize getting charged P5 every time.

Users can add cash to their GCash platform by linking it into their bank accounts. Likewise, they can cash-in via convenience stores, dedicated machines, department stores, gas stations, sari-sari stores, among others.

Last week, GCash announced that it would waive for the rest of the year the transaction charges on merchants for payments accepted through QR Ph. The e-wallet leader expects that through this, micro, small and medium enterprises will book extra earnings from cashless transactions.

GCash offers merchants access to e-wallet with a limit of up to P500,000 per month, waiving the transaction fee of 1.5 percent for P100,000 in gross sales.

GCash is one of the largest finance apps in the Philippines with a nationwide presence in more than 1,600 billers.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a GCash user who often loads money using the respective apps or systems of BPI and Union Bank, does the above business story discourage you a lot?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

PHILTOA commended by DOT Secretary Frasco for unwavering commitment to revitalizing Philippine tourism

September 1, 2023August 29, 2023carlocarrasco

Philippine Tour Operators Association (PHILTOA), the organization composed of tour operators and allied members that are actively involved in the advocacy of responsible tourism, was commended by Department of Tourism (DOT) Christina Frasco during their 4th General Membership Meeting (4th GMM) held recently at Crimson Hotel in Filinvest City, Alabang, Muntinlupa, according to a Manila Bulletin article. Specifically they were commended for unwavering commitment to revitalizing Philippine tourism.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

The Philippine Tour Operators Association (Philtoa) recently hosted its 4th General Membership Meeting at the Crimson Hotel Filinvest City in Muntinlupa, with the Department of Tourism Secretary Christina Garcia Frasco as keynote speaker. Led by Philtoa President Fe Abling-Yu, the meeting also highlighted Bacolod City as the featured destination, with Mayor Alfredo Abelardo “Albee” Benitez in attendance.

Secretary Frasco commended Philtoa for its unwavering commitment to revitalizing Philippine tourism, highlighting the association’s promotion of inclusive tourism development in both established and emerging destinations.

“We recognize that there are several emerging destinations across the country that, if given the right assistance, attention, development, and promotion, have the potential to become key destinations, as far as tourism is concerned,” the tourism chief said. “This is why I’m very grateful to Philtoa, because their focus has not been our world-famous destinations alone, but also in giving opportunities to emerging destinations. This is reflective of true shared tourism governance, where the private sector mobilizes the industry to assist the government to ensure inclusive tourism development.“

With this, Bacolod City also took center stage at the 4th GMM as a growing “super city” with exciting advancements in tourism, including infrastructure, art, culture, and culinary experiences. Mayor Benitez highlighted upcoming projects such as the Bacolod Convention Center, which can accommodate up to 10,000 people for MICE events; the Bacolod Masskara Museum/Trade Center; and the Orange Project, a prominent art gallery. The renowned Masskara Festival, spanning three weeks, promises a vibrant celebration of sports, food, spirits, and festivities.

To further underscore its commitment to fostering partnerships and growth within the industry, Philtoa President Abling-Yu announced the upcoming 34th Philippine Travel Mart, scheduled from Sept. 1 to 3 at the SMX Convention Center Manila in Pasay City.

She stated: “We are grateful for the strong partnerships with the Department of Tourism, Tourism Promotions Board, Philippine Airlines, BPI, and our media partners. The 34th Philippine Travel Mart is not only a showcase of our country’s incredible destinations but also a celebration of our industry’s resilience and strength as a major contributor to the country’s growth and progress.”

The association also welcomed 10 new tour operators, an immigration services agency, and 15 hotel and resort properties, increasing the total membership to over 500.

Let me end this piece by asking you readers: What is your reaction to this development? Are you convinced that the PHILTOA deserves the commendation from the Tourism Secretary? Do you think that Philippine tourism will exceed its foreign tourist arrivals target by a wide margin before the year ends? What other activities or special events should the PHILTOA highlight to keep national tourism grow?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Cooperative Development Council established in Muntinlupa City

August 29, 2023August 26, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that it has established the local Cooperative Development Council and the Mayor formally signed a related ordinance, according to a Manila Bulletin news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government has established its own Cooperative Development Council to benefit cooperatives.

Mayor Ruffy Biazon signed Ordinance No. 2023-102 passed by the Muntinlupa City Council, “creating the Cooperative Development Council of Muntinlupa, defining its objectives, functions, and appropriate funds thereof and for other purposes.”

The Muntinlupa City Cooperative Development Council (MCCDC) will “coordinate and harmonize the implementation of various cooperative plans, programs, and projects of the government.”

It will also assist the Cooperative Development Authority (CDA) “in the broad-based monitoring and coordination of the implementation of the Philippine Cooperative Development Plan (PCDP), through the collective efforts of all sectors and to develop such mechanism in line with the PCDP; and “propose policies affecting cooperatives for local and national implementation.”

The Muntinlupa City Cooperative Development Council will be composed of the mayor as chairperson. Its members are the chairperson of the Committee on Livelihood and Cooperatives of the City Council, and chairpersons or representatives of registered and accredited primary and secondary cooperatives.

Its members from the city government will be the heads of the City Cooperative Development Office, Department Of Agriculture-ESO, Public Employment and Services Office, Muntinlupa Traffic Management Bureau, Lake Management Office, Community Affairs Development Office, Gender and Development Office and City Planning and Development Office, and the director of the Muntinlupa City Technical Institute, university president of the Pamantasan ng Lungsod ng Muntinlupa and college director of the Colegio de Muntinlupa.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think the newly established council will benefit local cooperatives?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Watch out for Villar City

August 28, 2023August 24, 2023carlocarrasco

In the years to come and if no major disasters would happen, something new will be rising in the south of Metro Manila. I am talking about the ambitious Villar City project which has been making waves through the media, social media and in nearby communities in recent times. Recently the Manila Bulletin published an article about the planned casino project within Villar City but if you pay close attention to the details, there is a lot more about the said city which should give you an idea about the scope and vision behind it.

To put things in perspective, posted below is an excerpt from the Manila Bulletin article. Some parts in boldface…

Philippines’ richest Manuel B. Villar Jr. announced plans to put up a satellite casino in his newly-launched Villar City in addition to the one he is developing in the 80-hectare Global South integrated resort project.

Being his legacy project, Villar is carefully designing Villar City to be Metro Manila’s “new center of gravity” to ensure that it will be as iconic as it is massive.

The planned 3,500-hectare Villar City spans 15 cities: Taguig, Las Pinas, Paranaque, Muntinlupa, Bacoor, Dasmarinas, Imus, San Pedro, General Mariano Alvarez, Silang, General Trias, Tanza, Trece Martires, Carmona, and Tagaytay.

Villar City will be about 10 times as big as Bonifacio Global City, indicating its sheer magnitude not only in terms of the number of homes, offices and complexes that will be built within this vast community, but also with respect to its potential contribution to job generation and economic development.

Among the highlights of the city’s development will be his second casino project which will be a satellite of the $1 billion integrated casino and resort complex in Global South that is being developed with a Korean partner.

He noted that they have finalized discussions for the partnership with the Korean firm for the Global South project and the cost may likely exceed $1 billion because the land alone is already worth that much.

The first casino will also have a hotel component while Villar said he is converting the upper two floors of the mall there in a casino for high-rollers and VIPs. At 80-hectares, it will be bigger than any of the casinos at the PAGCOR Entertainment City in Parañaque.

Meanwhile, Villar said the satellite casino in Villar City will be bigger but he is not yet sure if it will be developed with the same Korean firm noting that, “It will depend on how well our partnership (in Global South) progresses.”

Aside from the casino, another highlight of Villar City will be a theme park which Villar plans to integrate with the mall that will be built there.

He said they will develop their own concept for the theme park and will not be getting a license or franchise from a foreign theme park operator.

“Part of the them park will be inside the mall so that there will be plenty of things to do in case it rains or when it is too hot outside. So part of the theme park will be indoors and both the theme park and mall will complement each other,” Villar said.

Villar also said he plans to donate a piece of land in Villar City to the University of the Philippines, his alma mater, to build a college focused on technology noting that, located at the city’s entrance is La Salle Dasmariñas.

Let me end this piece by asking you readers: What is your reaction to this development? Do you think Villar City will create a lot of new jobs related to construction and service in connection with its very ambitious scope? Do you think that south of Metro Manila will be receptive to new casinos and theme parks in the future?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa City to help sari-sari store owners with program

August 17, 2023August 15, 2023carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that it will implement a notable program that will benefit owners of sari-sari stores and other micro-retailers through a special program, according to a Manila Bulletin news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government will implement the iSTAR Program aiming to provide skills to sari-sari (variety) store and other micro-retailing business owners.

The Muntinlupa City Council approved Resolution 2023-293 authorizing Mayor Ruffy Biazon to enter into a memorandum of understanding with the Technical Education and Skills Development Authority (TESDA) for the implementation of the iSTAR Program or the upgraded version of the Sari-Sari Store Training and Access Resources (STAR) Program.

According to the resolution, the iSTAR Program “aims to provide access to skill training, resources, and peer mentoring to sari-sari store and carinderia owners and operators all over the country.”

Under the iSTAR Program, “sari-sari stores, traditional food outlets or karinderias and other Micro-retailing business owners will be provided with digital basic entrepreneurship training and access to business resources.”

The MOU aims to “provide both men and women residents of the city business and training to improve their finances and standard of living and at the same time, giving the community easy access to basic goods and commodities.”

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? If you own a sari-sari store or a micro-retailing business, would you take part in the iSTAR program?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Setback did not stop growing nationwide support for “Love the Philippines” campaign of DOT

August 15, 2023August 13, 2023carlocarrasco

Not even the embarrassment that hit the Department of Tourism’s (DOT) “Love the Philippines” slogan previously could stop its momentum as support for it nationwide grew, according to a Philippine News Agency (PNA) news article. To say the least, there were hundreds of local government units (LGUs) and other stakeholders that confirmed support for “Love the Philippines” campaign.

To put things in perspective, posted below is an excerpt from the PNA report. Some parts in boldface…

Nearly 900 local government units and stakeholders across the country have so far adopted the “Love the Philippines” campaign, the Department of Tourism (DOT) said Thursday.

In her remarks during the Philippine Tour Operators Association (PHILTOA) general meeting in Alabang, Muntinlupa City, Tourism Secretary Christina Frasco confirmed anew that the country will carry the slogan amid the previous issue with the advertising agency that conceptualized the campaign.

“Love the Philippines is an effort on the part of our national government to remind our fellow Filipinos that there is so much to love about our country. We are only one of the 18 mega biodiverse destinations in the world. We are a treasure trove of heritage, history, culture and the creative arts,” she said.

She said the campaign is a call to action to highlight “that if we love our country, we will herald the best of the best of our destinations”.

“To love the Philippines is to ask the difficult questions, to try to understand what we can do to introduce difficult but helpful solutions to programs and projects that have never been done before, but are being implemented now as our response to global tourism trends,” she said.

Frasco said nearly 900 local government units and stakeholders all over the Philippines “have expressed this deep love for the Philippines” by adopting the slogan in their own local destinations.

She called on stakeholders present to join the movement and “localize” the campaign in their towns.

“We love our country. We all love the Philippines. And it is this deep love for our country that will propel us and give us the daring to say that the Philippines deserves a much more primary position in Asia and the world as a tourism powerhouse,” she said.

The DOT terminated its contract with advertising agency DDB Philippines after discovering that it used stock footage shot abroad in the new tourism campaign video.

The advertising firm publicly apologized, saying it is taking full responsibility for the non-original materials used in the now-deleted video.

The DOT adopted “Love the Philippines” as the country’s new tourism campaign slogan in June, replacing the decade-old “It’s More Fun in the Philippines”.

Let me end this piece by asking you readers: What is your reaction to this recent development? Are you convinced that the DOT’s “Love the Philippines” campaign will succeed in terms of public awareness, marketing and attracting more tourists (both local and foreign)? Is your local government’s tourism office localizing the new DOT slogan?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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MCX acquired by Villar-led company for P3.8 billion

August 14, 2023August 10, 2023carlocarrasco

Have you been driving lately along the Muntinlupa-Cavite Expressway (MCX)? In case you missed the news, the MCX has officially been acquired by a company led by the influential Villar group for almost P4 billion, according to a Manila Standard news report.

To put things in perspective, posted below is an excerpt from the Manila Standard news article. Some parts in boldface…

Prime Asset Ventures Inc., a company led by the Villar Group, on Wednesday finalized the acquisition of the four-kilometer Muntinlupa-Cavite Expressway from Ayala Corp. for P3.8 billion.

PAVI said in a statement it signed the implementing agreements for the acquisition of MCX after the Department of Public Works and Highways in July approved the transfer of ownership of from Ayala Corp. to the Villar Group.

Vista Land chairman Manuel Villar Jr. and Ayala Corp. president and chief executive Cezar Consing attended the signing ceremony at Brittany Hotel in Bonifacio Global City, Taguig.

“This momentous event shows our resolve to provide our countrymen better services in the area of roads and toll ways. You’ll be surprised of the many wonderful things to come in Villar City,” Villar said.

MCX is a four-kilometer controlled-access toll road linking the southern part of Cavite to Muntinlupa. It is the first public-private partner project under the Aquino administration.

Ayala signed the 30-year concession agreement for the operation of MCX Expressway in 2012. It invested P2.2 billion for the project including a P902-million cash payment to the government.

Ayala announced in March 2022 it would sell its entire stake in MCX Project Company Inc., which holds the concession for the MCX to the Villar Group for P3.8 billion.

“Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmarinas and Bacoor in Cavite which were experiencing rapid growth. MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite. The sale of MCX represents another example of our recycling capital to benefit from opportunities in our core and emerging businesses,” Consing said.

The acquisition will further expand Villar Group investment portfolio which currently includes housing, retail, food, water, power, and utilities, to integrated resorts and entertainment.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think there will be major changes regarding the MCX under the new owners? Do you constantly travel along the MCX?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippine economy grew only 4.3% in 2nd quarter

August 14, 2023August 10, 2023carlocarrasco

Achieving economic growth of 7% this year has gotten much more challenging for the Philippines as the economy grew by only 4.3% in the 2nd quarter of 2023, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…

The Philippine economy continued its downtrend as it grew at a slower pace in the second quarter of 2023 — its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession— amid high inflation that tempered consumption during the period, the Philippine Statistics Authority (PSA) reported on Thursday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a specific period, grew by 4.3% during the April to June 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is slower than the 6.4% growth rate seen in the first quarter of the year and far slower than the 7.5% GDP growth seen in the same quarter last year. Quarter-on-quarter, it posted a decline of -0.9% during the period.

This also marks the fifth straight quarter of deceleration for the country’s GDP, and its slowest footing in nine quarters since it exited the pandemic-induced recession in the second quarter of 2021.

The economy was pulled out of recession in the April to June period of 2021 with a GDP growth rate of 12%.

The second quarter print brought the year-to-date economic growth rate at 5.3%, according to Mapa.

To achieve the government’s 6% to 7% target, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the economy “needs to grow by 6.6% in the second half.”

“Notwithstanding the challenges, we believe this is still attainable,” Balisacan said, reading the joint statement of the economic team.

The country’s chief economist earlier floated that the second quarter GDP growth is expected to “further moderate.”

High inflation, interest rates – The slower growth came amid a still high inflation environment and the consequential costly interest rates to temper rising prices.

As of the first half of the year, inflation or the rate of increase in the prices of goods and services clocked in at 7.2%, still far above the government’s comfortable ceiling of 2% to 4%.

To tame inflation, the Bangko Sentral ng Pilipinas (BSP) raised monetary policy rates by a cumulative 425 basis points since May last year.

“For the second quarter, the moderate economic expansion was driven by increases in tourism-related spending and commercial investments, but was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending, and slower global economic growth,” Balisacan said.

Notably, Household Final Consumption Expenditure (HFCE) contracted by 0.1% quarter-on-quarter. Likewise, Agriculture, Forestry, and Fishing posted a quarter-on-quarter decline of -0.97% in the second quarter. Industry and Services sectors also saw contractions of 0.7% and 1.02%, respectively, during the period

Let me end this piece by asking you readers: What is your reaction to this recent development? What do you think must be achieved to boost economic growth for the rest of 2023? Do you think the Philippine economy will achieve growth of at least 6% by the end of this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BIR says that discounts for senior citizens and PWD for online purchases are mandatory

August 4, 2023August 2, 2023carlocarrasco

As far as the Bureau of Internal Revenue (BIR) is concerned, senior citizens and persons with disabilities (PWDs) are entitled to discounts over the online purchases they made, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the GMA Network news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) on Wednesday said the discounts on purchases made online by senior citizens and persons with disabilities are mandatory.

“Online platforms should recognize the mandatory discounts given to senior citizens (SC) and persons with disabilities (PWD). The BIR has issued Revenue Regulation (RR) No. 8-2023 to this effect,” BIR Commissioner Romeo Lumagui Jr. said in a statement.

“The signature of the SC/PWD is not needed if the purchase is made through online means. The SC/PWD Identification card number should still be provided,” Lumagui said.

Under RR No. 8-2023, the BIR said that the signature of the SC or PWD shall not be required for qualified purchases made online or through mobile applications.

“Nonetheless, the SC/PWD Identification Card number should still be provided by the SC/PWD when purchasing through online or mobile platforms; and the rules on entitlement to the benefits of the SC/PWD and to the tax deduction… and to future issuances pertaining to SC/PWD purchases through online or mobile applications, shall be strictly followed,” the RR read.

Lumagui said the issuance is “a step towards making the BIR a service-oriented agency, not merely a goal-oriented one.”

Meanwhile, the BIR is proposing to impose a creditable withholding tax of 1% on one-half of the gross remittances of online platform providers to their partner sellers or merchants.

The taxman had defended the proposal, saying it is not a new tax and its collection is within existing laws.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that mandatory discounts on online purchases made by senior citizens and PWDs are justified? Do you think the BIR made the right move?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below and also please consider sharing this article to others. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. If you want to support my website, please consider making a donation. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco/.

Department of Finance (DOF) says online sellers must pay equal taxes as physical stores

August 3, 2023August 1, 2023carlocarrasco

As far as the Department of Finance (DOF) is concerned, those who sell online must pay equal taxes as the physical stores do, according to a Manila Bulletin news report. Take note that the Philippines continues to recover from the economic downturn of COVID-19 and the coronavirus itself no longer poses a danger to the nation.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news article. Some parts in boldface…

The Department of Finance (DOF) asserted that online sellers should be subject to the same tax obligations as traditional brick-and-mortar business owners for the sake of fairness.

Finance Secretary Benjamin E. Diokno said the collection of withholding tax on online sellers by the Bureau of Internal Revenue (BIR) is driven by the principle of fairness, and it does not constitute a new tax.

Withholding tax is a type of tax collected from various income sources, including salaries, wages, interest, and other earnings.

“It’s a matter of fairness because if you buy from a regular store, you have to pay taxes. But here [in online business], you don’t have to pay, and that’s unfair,” Diokno told reporters.

Diokno stressed the need for individuals to view the tax system as fair and willingly fulfill their tax obligations.

The BIR has proposed a new rule that would require online platform providers, such as Lazada and Shopee, to withhold one percent of the money they pay to their partner sellers. This withholding tax would be applied to half of the total amount being paid.

The BIR explained that this is not an additional tax, but rather a way to enforce existing tax laws and ensure proper tax collection.

“It’s not only increasing tax revenues, it’s a matter of fairness. A good tax system should be fair. That should be one of the characteristics of a good tax system, fairness,” the finance chief said.

BIR Commissioner Romeo D. Lumagui, Jr. earlier said the tax agency aims to begin collecting a creditable withholding tax from online platform partner merchants by the fourth quarter of 2023.

Lumagui also said that their objective is to fully implement this tax by next year.

He also explained that the purpose of imposing taxes on online merchants is to ensure a level playing field between traditional brick-and-mortar retailers and those selling on digital platforms or marketplaces.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the DOF on taxing online sellers? If you own a physical store selling products, does the presence of local online sellers harm your business?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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